VIVAnews - PT Pertamina stated that this year the upstream sector has contributed to 90 percent of the company's revenues although world's crude oil price has nosedived.
"Upstream sector is our hot commodity to increase the income. Therefore, between 2008 and 2012, the company will prioritize progress in the sector," said Pertamina Managing Director Ari Hernanto Soemarno, today, Nov 28.
For the time being, Pertamina's average income amounts to Rp 400 trillion (approx. US$33.4 billion) per year. Of the amount, most of the income is obtained from oil and gas.
Meanwhile, current world's crude oil price touched US$50 per barrel, a sharp decline compared to June with US$147 per barrel.
Soemarno stated that downstream sector did not contribute as much as the upstream sector. According to Soemarno, to increase company's profits, it must still consider exporting gas.
However, he said, the company still needs gas supply so that domestic market obligation must automatically be complied with, although, in effect, the acquired profits will not be optimal.
Pertamina EP President Director Tri Siwindono said that by 2009 the company is targeting production increase of 6.2 percent with oil production of 125 barrels per day and 1005 mmscfd, or an increase by 2.6 percent from 2008 production of 979 mmscfd.
According to Siwindono, between 2003 and 2008, Pertamina EP's oil production improved significantly. "With an average growth rate of 3.1 percent of the production level of 95.6 barrels per day (bpd) in 2003 to 102.2 bpd in 2006," he said.
The production increased by 6.7 percent in 2007 to 110.3 bpd and is estimated to increase by 7.8 percent in 2008. Average Pertamina EP's production in October reached 120.3 bpd.
Translated by: Bonardo Maulana Wahono
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